Butterfly Network (NYSE:BFLY) Shares Gap Up – Here’s Why

Butterfly Network, Inc. (NYSE:BFLY) shares gapped up prior to trading on Monday . The stock had previously closed at $2.65, but opened at $2.86. Butterfly Network shares last traded at $3.11, with a volume of 3,955,911 shares changing hands.

Wall Street Analysts Forecast Growth

BFLY has been the topic of a number of recent analyst reports. Craig Hallum reaffirmed a “positive” rating and issued a $2.00 target price on shares of Butterfly Network in a research report on Monday, August 4th. Oppenheimer restated a “market perform” rating on shares of Butterfly Network in a research report on Friday, August 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Butterfly Network in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Butterfly Network from a “sell” rating to a “hold” rating in a research note on Sunday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.00.

Butterfly Network Price Performance

The company has a market capitalization of $802.01 million, a price-to-earnings ratio of -9.56 and a beta of 2.65. The stock has a 50 day simple moving average of $2.21 and a two-hundred day simple moving average of $2.02.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings data on Friday, October 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. Butterfly Network had a negative return on equity of 37.80% and a negative net margin of 90.31%.The business had revenue of $21.49 million during the quarter, compared to analysts’ expectations of $21.23 million. Butterfly Network has set its FY 2025 guidance at EPS. Equities research analysts predict that Butterfly Network, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling at Butterfly Network

In other news, Director Dawn Carfora sold 112,009 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $2.69, for a total value of $301,304.21. Following the completion of the transaction, the director owned 265,505 shares in the company, valued at approximately $714,208.45. This represents a 29.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steve Cashman sold 142,590 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $1.50, for a total transaction of $213,885.00. Following the completion of the transaction, the insider directly owned 2,181,884 shares in the company, valued at $3,272,826. This trade represents a 6.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 370,628 shares of company stock worth $848,060 over the last three months. Insiders own 25.18% of the company’s stock.

Institutional Investors Weigh In On Butterfly Network

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in shares of Butterfly Network by 33.0% during the first quarter. Bank of New York Mellon Corp now owns 20,177 shares of the company’s stock worth $46,000 after purchasing an additional 5,010 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Butterfly Network during the 1st quarter worth approximately $62,000. Kapitalo Investimentos Ltda purchased a new position in Butterfly Network during the 1st quarter worth approximately $50,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Butterfly Network during the first quarter worth approximately $82,000. Finally, Perkins Capital Management Inc. acquired a new position in Butterfly Network during the first quarter worth approximately $627,000. 37.85% of the stock is owned by hedge funds and other institutional investors.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.